Retail

Pier 1 December same-store sales rose 10.3%

RobertDaniel

TEL AVIV (MarketWatch) -- Pier 1 Imports Inc.,
PIR, -8.18%
the Fort Worth, Texas, home-furnishings retailer, reported that for December comparable-store sales rose 10.3%, driven by more customers, a stronger rate of conversion of customers to sales, and a larger average sale. The company lifted its estimate of its fourth-quarter profit margin on merchandise to at least 57.5% of sales from 57%. President and Chief Executive Alex W. Smith said Pier 1 is "very confident in our new assortments" for the spring and summer seasons.

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